Japanese electronics retailer Nojima Corp has agreed to acquire 90.07 per cent of Courts Asia shares.

The Singaporean furniture retailer will be delisted from the Singapore Exchange after the deal is settled, because listing rules require at least 10 per cent of stock to be available in the publicly traded pool.

Nojima Asia Pacific said it “does not intend to support any action or take any steps” to maintain the listing status of Courts Asia, and intends to delist it after its offer closes.

Last month, Nojima said it did not intend to revise its offer price despite independent financial adviser KPMG Corporate Finance calling it “not fair but reasonable”.